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You better believe it will work so buy it if the price is reasonable. Those don't come around for sale very often. I wouldn't be without one.
RPM is determined by cutting speeds of various materials and those recommendations are all over the place depending on who's chart is being used.
For mild steel 90 feet / minute was once popular but I see now 100 ft./ min. is being used and even higher.
In the link below is the old formula that don't need no stinken pie to figure RPM.
Simply multiply the material cutting speed X 4 and divide that by your drill bit diameter. Using 100 ft./ min. cutting speed you can readily see your 1" HSS bit can be rotated 400 rpm. A coolant fluid or cutting oil for cutting
(NOT LUBRICATING OIL) is always recommended.
Safety Tip - always clamp your work securely to the press table via vise, C-clamps etc.
Machine Shop 2 - Lathe Cutting Speeds - RPM Calculations